Question: Indicate the answer choice that best completes the statement or answers the question. 1. Market demand is given as Q = 250- 0.5P. Market supply

Indicate the answer choice that best completes the statement or answers the question. 1. Market demand is given as Q" = 250- 0.5P. Market supply is given as Q = 2P. If price increases from $300 to $304, what is the price elasticity of demand? a. 0.2 b. 1.0 c. 1.5 d. 3.0

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